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CLICO holes

Tim Slinger, Associate Managing Editor

CLICO holes

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Forensic auditors Deloitte Canada have called for another probe of CLICO International Life (CIL), in the face of numerous unanswered questions and missing documents to support CIL’s money trail.
The SUNDAY SUN has obtained a copy of the 39-page audit report, dated December 5, that followed an eight-month-long investigation.
Apart from some shocking inter-company transactions, the report has revealed further details of former executive chairman Leroy Parris’ employment contract.
Another major disclosure is that a valuation of CIL’s assets does not give much hope to policyholders looking to recover their full investments in the insurance company. The report explicitly states that CIL was chronically short of the necessary assets required to cover its policyholder liabilities.
Read the full story in today’s SUNDAY SUN.